I describe the market action before the opening bell and after the close and discuss set-ups for the next day.
I have to say the current stock market breakout has been one of the weaker technical (chart) breakouts in terms of volume, momentum, and internals. Let’s take a look at the current picture of Daily Chart market internals on the Dow Jones and NASDAQ Indexes year-to-date. Let’s start first with the Dow-30 Index: Let’s break…
With Silver screaming to new price highs, it’s time to pull out the Fibonacci Price Projection tool to see where upper indicator price confluences exist. Fibonacci Projection tools are a type of advanced analysis, but follow with me and we’ll walk through it together. First, the chart: (Click for full-size chart) For detailed information on…
Days like this remind us of Mark Douglas’ “market realities” as explained in Trading in the Zone – specifically, “The market can do anything!” Let’s take a look at the current structure of the S&P 500, note the most important levels to watch, and go back to a reminder about market realities as they exist…
What do market internals say about the current structure of the S&P 500 (broader stock market)? You might guess they’re diverging and you would be correct, but let’s pull the perspective back and see the complete rally off the recent August low of 1,040 to the present September peak at 1,140. S&P 500 with Market…
Shares of Apple Inc (AAPL) broke to new highs this week after rallying the last three weeks in a row in a breakout that investors and traders have been expecting was due. Let’s take a quick look at the structure of the breakout and see what the charts have to say about the stock –…
This morning, we’re getting a quick surge above the key 1,130 level and I wanted to do a quick update on that and focus on standard tips for trading breakouts – particularly in regard to confirmation and the question “Is this real or a trap?” First, the Daily Chart so far: The level is clear…
This week has been a little strange toward the end in terms of standard market relationships, specifically with those of equities (seen by the S&P 500) and Oil, and then equities and the Volatility Index (VIX). Generally, oil moves in the same direction as stocks while the Volatility Index moves opposite stocks, but over the…
With the market completing an almost exact push up to the S&P 1,130 level, as has been the case two times in the last two months, let’s take a look at the current state of market internal (divergences) and compare those to the prior two times to see if we can get insights into the…
Here we are again, testing the key 1,130 target overhead resistance level for the third time in the last three months. The simple question is “Will resistance hold or will it break?” and of course you can get a lot more complex than that, but I strongly advocate you think in those terms – as…
I wanted to give a quick update on the post I wrote on Friday entitled: “Intraday Triangle Forecasts SPY Breakout.” After this morning’s upside gap and quick rally, we officially & successfully hit the initial upside target forecast by the pattern. Go back and review the post and then take a look at the quick…